Advertising magnate Martin Sorrell will see his pay rise by more than half to £66million making him Britain’s best-paid chief executive, his firm WPP will reveal this week.

The 71-year-old boss will get a bonus of nearly £60million on top of his salary, trumping the £43million he earned the year before.

Big money: WPP chief executive Martin Sorrell (pictured) will get a £60million bonus on top of his salary, trumping the £43million he earned in 2014 - he will also get dividend equivalent payments of £5.6million

Sorrell is entitled to 3.55 million shares if he is deemed to have met targets dating back five years, worth £55.6million at Friday’s close.

He will also get a short-term incentive reward of £3.6million taking his total bonus to £59.2million. With dividend equivalent payments of £5.6million on top, as well as his £1.15million basic salary plus pension contributions, his total pay rises to £66million.

A WPP spokesman said: ‘When the award is announced later this week it will reflect another period of very significant outperformance against both WPP’s peer group and the FTSE 100.’